UK: Professional bodies to pay £5,000 for new anti-money laundering unit
23 Oct 2018

The Financial Conduct Authority is to charge professional bodies a minimum of £5,000 per year to recover the costs of establishing and running its new Office for Professional Body Anti-Money Laundering Supervision (OPBAS).

The FCA has launched a proposal seeking to charge a fee of £45.49 per supervised individual for 2018/19.

It added that it is also consulting on the timetable for reporting data in the future and confirming the minimum fee structure.

“We are also confirming in the CP that, as proposed in CP 17/35, we will charge a minimum fee of £5,000 for PBSs supervising up to 6,000 individuals. The variable rate is payable on individuals above that threshold,” the regulator said.

The consultation paper (CP) ‘applies to the PBSs listed in Schedule 1 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and any other professional bodies considering applying to be listed,’ the FCA stated.

The CP will also be of interest to designated professional bodies.

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